Terms and Notification
Your Financial Aid Award is prepared in accordance with federal, state, and institutional regulations for the purpose of assisting with your educational costs. Your award is contingent upon actual receipt of funds from the appropriate agencies (federal, state, private), and you meeting all necessary requirements. The Office of Financial Aid reserves the right to revise or cancel your award due to changes in your financial or academic status.
Disbursing Financial Aid
Financial aid funds are generally credited to your account in September for the Fall semester and January for the Spring semester, provided you have submitted all required documents and your file has been processed. Tuition and all other allowable charges will be deducted from your scheduled financial aid (including Stafford Loans). Refunds are issued by the Business Office after the drop/add period for the term has ended and all allowable charges have been deducted, provided you meet the enrollment requirements for each term. It is recommended that you set aside sufficient funds to cover expenses such as books, meals, living expenses, etc. for the first month of classes while financial aid funds are being disbursed.
After receiving your initial award letter, you may request an award adjustment by submitting a written request within 30 days of the date on the award letter or two weeks prior to the last day of class of each semester.
Awards are Subject to Change
A financial aid award may be reduced or canceled. The most common reasons for an award adjustment include changes in enrollment, residency status or housing arrangements and over-awards due to receipt of aid from other sources. An award may also be adjusted due to changes or inaccuracies in the information on which the award was based.
Changes in Circumstances
Federal and State regulations require that we revise your award when changes occur which may affect your eligibility for financial assistance (e.g. receipt of additional assistance, loss of employment, failure to maintain Satisfactory Academic Progress, etc.). If this occurs, your eligibility will be reassessed and a revised award letter may be issued reflecting the appropriate changes.
Renewal of Financial Aid
Financial aid awards are not automatically renewed. The applications for the 2013-2014 academic year will be available on or after January 1, 2014.
The funds you are awarded are intended to help meet your educational expenses while attending the University. If you withdraw, drop out of school, drop below half-time, or change enrollment status, your financial aid award may be reduced or canceled, and may be required to return a portion of the aid awarded to you. If you are entitled to a refund of your tuition, all or part of the refund may be applied to the financial aid fund from which your aid was awarded. You may also be required to repay a portion of the funds disbursed directly to you. The amount of the refund is based on formulas established by the U.S. Department of Education. You should consult with a Bobcat Enrollment Specialist prior to dropping or withdrawing to avoid an unnecessary financial hardship.
If the student is convicted on drug-related charges while receiving federal aid, his/her financial aid award offered will be canceled. The student will receive a written notice to contact an Enrollment Specialist at Bobcat Enrollment Center on procedures to regain eligibility for financial aid.
Tuition payments will be deferred provided the total amount of your financial aid award meets or exceeds the cost of your tuition. If your award does not meet or exceed your current fees due, you must pay the difference or your courses will be dropped for non-payment. If earnings from the Federal Work Study (FWS) will be used as payment for tuition, you must submit written authorization to Bobcat Enrollment Center. If you intend on dropping any or all of your classes you must do so during the initial drop/add period of the semester. You must drop unwanted classes to avoid liability.
Florida Prepaid Tuition Program
If you are a participant in the Florida Prepaid Program, you must inform the Bobcat Enrollment Center. You are responsible for the balance not covered by the Florida Prepaid Program and will be required to submit payment to the Bobcat Enrollment Center.
If you are receiving tuition reimbursement from your employer, you must inform Financial Aid and the Business Office. You are responsible for the balance not covered by the reimbursement. The tuition and fee portion of your financial aid budget will be adjusted to reflect this benefit.
Book Gift Card
Students who have been awarded financial assistance exceeding the cost of tuition and other direct costs (such as housing, labs, student fees, etc.) may be eligible for a gift card to purchase books at the beginning of the semester. Check with a Bobcat Enrollment Specialist for the procedure to apply for a book gift card. Book gift card is only valid for purchases made at STU's Bookstore.
Hope Tax Credit
The 1998 Congress approved the Hope Scholarship Tax Credit. If you pay your tuition with loans or personal funds, you or your parents may be eligible for a tax credit. Keep receipts of the tuition paid and financial aid received and consult a tax advisor for specific information on tax credits.
Taxable Financial Aid
Under the law, certain types of financial assistance (grants, scholarships, fellowships) may be subject to federal income tax. Keep accurate records of the aid you receive and consult the IRS publications or your tax advisor for specific information on tax liability.